And the Richmond Fed manufacturing index rebounded sharply to +8 from -2 in May.

"This double play – of stronger data and less anxiety about the policy-driven liquidity paradigm – is essential for maintaining market tranquility," said PIMCO's Mohamed El-Erian in a post for Business Insider. "The hope is that, having re-priced in a rather disorderly manner, markets can regain their footing. The valid worry is that market tranquility may just invite selling by those that were sidelined in prior trading sessions by both price action and liquidity shortfalls."